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Spreads
Spreads
Last week, gold moved higher as expected and was able to reach below our weekly resistance level. Gold closed the week back at $1,925.
On the weekly timeframe, we can see that the Stochastic Indicator exited the oversold area. This indicates that gold is starting to show signs of a bullish reversal. The gold price is now moving below the 20-period, but still above the 50, and 200-period moving averages.
Our weekly resistance levels are at $1,933 and $1,960, with support levels at $1,910 and $1,890.
On the daily timeframe, the Stochastic Indicator is moving lower in the middle. The price is currently below the 20 and 50-period moving averages, but still above the 200-period moving average.
Our daily resistance levels are at $1,939 and $1,957, with support levels at $1,916 and $1,903.
Conclusion: Gold is expected to experience significant fluctuations this week, primarily driven by the release of US inflation data, which will likely be a key influence on the market.
Predictions indicate an upward trend for gold, potentially surpassing our resistance levels set at $1,939.
Last week, EURUSD was slightly higher and was able to break above our daily resistance level. EURUSD closed the week at 1.0967.
On the weekly timeframe, the Stochastic Indicator is moving strongly higher targeting the overbought area. The price is currently trading above the 20 and 50, but still below the 200-period moving averages.
Our weekly resistance levels are at 1.1028 and 1.1173, with support levels at 1.0830 and 1.0686.
On the daily timeframe, the Stochastic Indicator is moving flat in the middle with the potential of moving higher. The price is still above the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 1.1001 and 1.1059, while the support levels are at 1.0940 and 1.0875.
Conclusion: While no major news events are expected from the European Union this week, market volatility is anticipated due to the release of US inflation data.
The present market sentiment leans positively towards the Euro, and predictions suggest that the EURUSD pair will maintain its ascending trajectory, possibly surpassing the 1.1 level.
The Dow Jones Industrial Average (DJ30) experienced a downward trend last week, successfully breaking through our established support levels. The week concluded with the DJ30 at a lower position, closing at 33,773 points.
On the weekly timeframe, we can see that the Stochastic Indicator is crossing lower at the edge of the overbought area. The price is currently moving higher than the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 34,477 and 35,392, with support levels at 33,503 and 32,708.
On the daily timeframe, we can see that the stochastic indicator is moving strongly lower targeting the oversold area. The price is now moving below the 20 and at the 50, meanwhile still above the 200-period moving averages.
Our daily resistance levels are at 34,143 and 34,493, with support levels at 33,686 and 33,343.
Conclusion: Expect a week of high volatility in the US stock market, largely due to the imminent release of US inflation data. Given the prevailing negative sentiment and a slowdown in inflation, it’s plausible that the market may predict the Federal Reserve to maintain the current interest rates in their forthcoming meeting.
This could potentially generate a favourable ripple effect on the stock market. Consequently, we can foresee the Dow Jones Industrial Average (DJ30) climbing and touching our resistance level set at 34,143.
Last week, USOUSD (Oil) moved higher as expected and was able to break our resistance levels. USOUSD closed the week at 73.60.
On the weekly timeframe, we can see that the Stochastic Indicator is moving in the middle with no clear direction. The price is currently moving below the 20, 50, and slightly above the 200-period moving averages.
Our weekly resistance levels are at 74.78 and 77.66, with support levels at 70.28 and 66.86.
On the daily timeframe, the Stochastic Indicator is moving higher targeting the overbought area. The price is now moving above the 20 and 50, but still below the 200-period moving averages.
Our daily resistance levels are at 74.26 and 77.15, while support levels are at 71.43 and 67.23.
Conclusion: This week, we could see some fluctuations in the USOUSD due to the upcoming release of US inflation data, which is expected to increase volatility. The ambiguous situation surrounding the supply could also impact the USOUSD price.
We might witness a significant rise, potentially hitting our resistance level at 74.78.
Last week, the NAS100 moved slightly lower but closed the week higher at 15,056.
On the weekly timeframe, we can see that the Stochastic Indicator is still within the overbought range. The price is currently still moving above the 20, 50, and 200-period moving averages.
Our weekly resistance levels are at 15,311 and 15,681, with support levels at 14,657 and 14,367.
On the daily timeframe, the stochastic indicator is moving lower after exiting the overbought area. The price is still above the 20, 50, and 200-period moving averages.
Our daily resistance levels are currently at 15,256 and 15,515, while support levels are at 14,866 and 14,451.
Conclusion: This week, the US stock market is expected to experience high volatility as we will have the release of US inflation data. With the current negative sentiment and slower inflation, we can expect the market to anticipate that the Fed might hold the interest rates in the next meeting.
This could create a positive impact on the stock market. We can expect the NAS100 to move higher and reach our resistance level at 15,311.
Last week, GBPUSD moved higher as expected and broke our resistance levels. GBPUSD closed the week at 1.2839.
On the weekly timeframe, the Stochastic Indicator is moving higher targeting the overbought area. The price is currently above the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 1.2877 and 1.3021, while support levels are at 1.2663 and 1.2482.
On the daily timeframe, our stochastic indicator is moving strongly higher targeting the overbought area. The price is currently still moving above the 20, 50 and 200-period moving averages.
Our daily resistance levels are now at 1.2878 and 1.2994, while support levels are at 1.2782 and 1.2679.
Conclusion: This week, we might witness increased fluctuation in GBPUSD, as it’s likely to be influenced by the release of the UK’s GDP data and US inflation figures. We’re predicting a potential upward trajectory for GBPUSD, potentially pushing towards our resistance level at 1.2877.
The USD Index displayed a downward trend towards the end of last week, despite exhibiting strength in the initial days as anticipated. The week concluded with the USD Index positioned at 101.91.
On the weekly timeframe, we can see that the Stochastic Indicator is moving lower targeting the oversold area. The price is currently below the 20 and 50, but still above the 200-period moving averages.
Our weekly resistance levels are at 103.00 and 104.59, with support levels at 101.68 and 100.53.
On the daily timeframe, the Stochastic Indicator is moving lower in the middle with the target of the oversold area. The price is still below the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 102.16 and 102.97, with support levels at 101.71 and 100.96.
Conclusion: This week, we might witness substantial fluctuations in the USD Index due to the imminent release of US inflation data, which is expected to significantly impact the market. We foresee a possible downward trend in the USD Index, with the potential to touch our support level at 101.68.
As anticipated, USDJPY experienced an upward trend in the initial part of last week, hitting our resistance levels. However, it concluded the week on a lower note. The week ended with USDJPY at 142.09.
On the weekly timeframe, we can observe that the Stochastic Indicator is still moving inside the overbought area. The price is still above the 20, 50, and 200-period moving averages.
Our weekly resistance levels are at 145.13 and 148.74, with support levels at 140.54 and 137.94.
On the daily timeframe, the stochastic indicator is moving strongly lower targeting the oversold area. The price is now moving below the 20, but still above the 50, and 200-period moving averages.
Our daily resistance levels are currently at 143.09 and 144.87, while the support levels are at 141.18 and 138.77.
Conclusion: This week, we predict significant fluctuations in USDJPY as it is likely to mirror the US Dollar’s movements. Yet, the release of US inflation data could shift market sentiment this week. We’re forecasting a downward trend for USDJPY, possibly dipping below our support level at 140.54.
